EU Moves To Rein in 'Wild West' of Crypto Assets With New Rules (theguardian.com) 21
The EU has moved to rein in the "wild west" of crypto assets by agreeing a groundbreaking set of rules for the sector, adding to pressure on the UK and US to introduce their own curbs. From a report: Representatives from the European parliament and EU states inked an agreement late on Thursday that contains measures to guard against market abuse and manipulation, as well as requiring that crypto firms provide details of the environmental impact of their assets. "Today, we put order in the wild west of crypto assets and set clear rules for a harmonised market," said Stefan Berger, the German MEP who led negotiations on behalf of the parliament. Referring to the recent slump in cryptocurrency prices -- the total value of the market has fallen from $3tn last year to less than $900bn -- Berger added: "The recent fall in the value of digital currencies shows us how highly risky and speculative they are and that it is fundamental to act." The markets in crypto assets (MiCA) law is expected to come into force at about the end of 2023. Globally, crypto assets are largely unregulated, with national operators in the EU required only to show controls for combating money laundering.
Remove settlement times (Score:1)
Re: Remove settlement times (Score:2)
In the Netherlands most settlements already are instant.
Re: (Score:2)
If a peasant had a gold coin, it would have been stolen. Do you have any idea of the value of gold back then? Let's put it this way: in the time of Sherlock Holmes - late 19th century - #500 in the bank in London meant you could live *comfortably* for life on the interest. Peasants further back had nothing.
Now crypto... do you not even read the alleged reason for crypto? What possible use would governments have for crypto, if no one else was allowed to have it?
Re: (Score:1)
eh, ounce of god was 4.25 pound sterling in Doyle's time (sherlock fictional character after all)
value of gold about the same for centuries, the price of good man's suit.
Re: (Score:2)
The British pound was stable for almost 200 years, up until WWI (in fact, it increased in value by 5%).
On the other hand, after the US went off gold, it went from $35/oz to $1800 or so. The inflation since the 1960s has *not* gone up 50 times.
Re: (Score:1)
we weren't on gold standard, was a fractional reserve gold standard, the kind that kings and bankers like because you can fudge all over the place.
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cryptocurrencies are anonymous
nope and not even by design. they can be but it requires the end user being very careful and eschewing almost everything that makes crypto easier to use (exchanges, online wallets).
secure
not really, there is a new theft or exploit seemingly every week. it can be with stringent security on the users end but thats the same for anything financial
tamper proof
sure, there's a ledger that can't be tampered with but it means fuckall if there's no means of remediation and its easy to steal and scam peoples tokens, then there's jus
These aren't assets (Score:3, Insightful)
The first is crime. Ransomware, Money laundering, drugs. That accounts for about $10k of Bitcoin's value (I'm basing that on the max price it hit before the speculators and ponzi scammers got involved).
The second? Suckers. Greater Fool Theory. And corrupt public pension funds. That too.
That last one is nasty, because it risks bringing these scams into the main financial markets. People are already trying to make the equivalent of 2008 Mortgage Backed Securities with crypto "assets".
If you don't understand why that's a problem, just google "2008 Mortgage Backed Securities" and start reading. Now Imagine the market crash when the security isn't houses, but bits and bytes.
Re: (Score:1)
I just wonder if Bitcoin hedge funds and exchanges will wind up getting a TARP style bailout, a ton of bankers getting huge bonuses, and the taxpayers paying for all of that, both with taxes, and the higher inflation crypto “funny money” adds to the market.
Hopefully not, but the bankers and other types were able to bury and anchor the mortgage backed securities so deeply, there wasn’t a choice.
If they are allowed to continue (Score:3)
All to the good (Score:2)
The last thing we need are the wallstreet style scammers playing their games. Get rid of all the leverage.
Crypto wants to be free! (Score:2)
All the freedom they can get by motivating a diverse bunch of random strangers to verify their public ledgers and come to a consensus about their status and stake. These random strangers buy energy and internet service using fiat currency, and get blockchains using protocols governed by these tyrannical governments, but, but its all about freedom!!!
And when a bigger guy robs them
Save the next greater fools from themselves? (Score:1)
There is an old saying - âoeyou canâ(TM)t fix stupidâ - and if that saying applies anywhere, its in the world of crypto (anything).
Let the greater fools that are still left just disappear under their own attrition⦠even the âoesucker born every minuteâ isnâ(TM)t going to be enough to sustain the crypto scams.
Oh how typical (Score:2)
Typical EU, try closing the barn after the horse died.
Re: Oh how typical (Score:2)
No horse was killed in the making of this comedy.
Lots of people got separated from their money by unscrupulous assholes. They'll overdose soon enough, solving two problems at the same time.
Bonus points if they don't have relatives and the money goes to the state.
Prompt as usual (Score:1)
Rules to be issued right after crypto self-destructs.
Remember, the government will protect you from all harm. Unless the government is doing the harming.